FINANCIAL SERVICES BENCHMARKS REPORT

How do we stack up?

In order to give financial services companies a sense of how their products are performing, we aggregated 34 billion events in 189 projects in five sub-verticals: personal finance, banking, trading & crypto, insurance and money transfer.

We captured commonly used product metrics in usage, retention, engagement and conversion to see what the state of the financial services industry is for average and elite products. Find out how your numbers compare to the competition’s in the most crucial metrics for determining the success of a financial services product.

Has the crypto bubble burst?

When your product is a currency with no innate value, usage is evidently a very good proxy for how enthusiastic the markets are about it. It’s simple, but true: a currency is worth exactly what the markets say it is.

Are they coming back?

Keeping 40% of app users after a month is standard. This is a high number, but keep in mind that the switching costs for financial services products are higher, so there’s a higher threshold for what constitutes “good” retention.

Financial services products aren’t necessarily ones that expect users to come back every day, or even every week. In some cases an annual visit to do your taxes or update your insurance status is just fine.

When are they most active?

Perhaps the most surprising result is mobile web’s relatively strong performance on Fridays. Is it possible that a night out on the town leads to unusual behavior in financial services apps? Keep an eye on your own usage patterns to understand when and where users are.

Will they pay?

When it comes to getting users to perform key actions— a balance view or a transaction—it seems how much money users are expected to spend within a product has an inverse relationship with how likely they are to convert.

Banking and money transfer products seemingly have a lot in common, but personal finance products having similar conversion numbers is surprising since not all products in that sector necessarily have transaction events.

“We build, test, measure, and iterate in order to grow. Analytics are the hallmark of this process, and we knew being data-driven, with such capabilities as A/B testing, were going to be essential when tracking traditional UX measures, or testing new ones. With Mixpanel, we’re able to see that we’re on the right track to building products our customers love.”

Frank Stanton
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Vice President of User Experience, U.S. Bank

“Using Mixpanel to instrument new workflows, we’ve made significant improvements to multiple user flows. In one instance, we ended up doubling the conversion of new users to first time bill payers.”

Igal Perelman
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Former Director of Product Management, Intuit

“For product people, Mixpanel is our savior. It’s so easy to see the entire user journey in Mixpanel to uncover what’s going on with the business and how we can create a trustworthy insurance purchasing experience for our customers.”

Gil Sadis
-
Head of Product, Lemonade

“We build, test, measure, and iterate in order to grow. Analytics are the hallmark of this process, and we knew being data-driven, with such capabilities as A/B testing, were going to be essential when tracking traditional UX measures, or testing new ones. With Mixpanel, we’re able to see that we’re on the right track to building products our customers love.”

Frank Stanton
-
Vice President of User Experience, U.S. Bank

“Using Mixpanel to instrument new workflows, we’ve made significant improvements to multiple user flows. In one instance, we ended up doubling the conversion of new users to first time bill payers.”

Igal Perelman
-
Former Director of Product Management, Intuit

“For product people, Mixpanel is our savior. It’s so easy to see the entire user journey in Mixpanel to uncover what’s going on with the business and how we can create a trustworthy insurance purchasing experience for our customers.”

Gil Sadis
-
Head of Product, Lemonade

How do you compare?

Download the full report to access all 26 graphs and read what the experts think.